Natural Gas & Oil
June '26 NYMEX NatGas Trading range today: $2.96 to $3.09.
Natgas prices have firmed up as traders are now focused on summer CDDs, and LNG maintenance ending and exports are increasing.
The big number today was $3.10. Had the front month passed that price, the bull run would have been on.
The market stopped just before hitting $3.10, confirming the physical surplus right now in many regions still has strong bearish weight.
Oil prices remain extremely elevated as ongoing geopolitical uncertainty continues.
LNG
Gulf Coast maintenance is all but complete and we can expect exports to increase by next week, if not before.
The market is increasingly looking at LNG as baseline demand rather than the historically incremental demand.
That psychological shift will grow into a bigger bull.
Power
ISOs such as ERCOT, SPP, portions of the PJM, and the Southeast corridor saw prices rise as the heat risk is set to build all week.
The market is transitioning to summer reliability pricing behavior.
Today's Drivers
The Bears – ($2.60 to $1.90 range) – Storage remains above the 5-year average, solar continues to meet most of midday demand, production expected to increase, eventual milder weather for NE, Pac NW, West.
The Bulls – ($2.95 to $3.25 range) – LNG exports, rising CDDs, increasing Mexico exports.
Today's Special – Signs Shoulder Season is Cooked
- ERCOT overnight lows stay warm.
- Weekly storage injections fall short of estimates.
- Power burn stops falling on the weekend.
- LNG exports stabilize from maintenance season ending.
- Cash markets strengthen.
Our Nightcap Beats Their Recap